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Leveraging the Existing US Healthcare Structure for Consumer Financial Well‐Being: Barriers, Opportunities, and a Framework toward Future Research

Author

Listed:
  • Joshua D. Dorsey
  • Paul Hill
  • Nora Moran
  • Courtney Nations Azzari
  • Farnoush Reshadi
  • Ilana Shanks
  • Jerome D. Williams

Abstract

Healthcare exchange often contains peril for consumers because of numerous barriers to financial well‐being (FWB). Rather than ruing specific agendas of healthcare policy, we embrace a neutral and immediately actionable approach. The authors promote gains in healthcare's current composition by empowering consumers to be proactive, where possible, in reducing power inequities and improving their own FWB. As such, the authors identify primary barriers to the FWB of healthcare consumers and propose individual opportunities within the existing healthcare structure that are likely to improve fiscal outcomes. Moreover, the current research demonstrates collaborative paths wherein power‐holders (i.e., practitioner, researcher, consumer, government) can collaborate toward and/or contribute to the same financial health. A proposed theoretical framework, with foundations of power‐responsibility equilibrium and transformative service research, gives rise to future research directions. This research is intended to provide a foundation for healthcare and FWB thought/action, and to guide coming scholarly offerings.

Suggested Citation

  • Joshua D. Dorsey & Paul Hill & Nora Moran & Courtney Nations Azzari & Farnoush Reshadi & Ilana Shanks & Jerome D. Williams, 2020. "Leveraging the Existing US Healthcare Structure for Consumer Financial Well‐Being: Barriers, Opportunities, and a Framework toward Future Research," Journal of Consumer Affairs, Wiley Blackwell, vol. 54(1), pages 70-99, March.
    • Handle: RePEc:bla:jconsa:v:54:y:2020:i:1:p:70-99
    DOI: 10.1111/joca.12274
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    Cited by:

    1. Ifra Bashir & Ishtiaq Hussain Qureshi, 2023. "A Systematic Literature Review on Personal Financial Well-Being: The Link to Key Sustainable Development Goals 2030," FIIB Business Review, , vol. 12(1), pages 31-48, March.
    2. Lee, Kyungwon & Hakstian, Anne-Marie & Williams, Jerome D., 2021. "Creating a world where anyone can belong anywhere: Consumer equality in the sharing economy," Journal of Business Research, Elsevier, vol. 130(C), pages 221-231.
    3. Jeffrey Anvari-Clark & David Ansong, 2022. "Predicting Financial Well-Being Using the Financial Capability Perspective: The Roles of Financial Shocks, Income Volatility, Financial Products, and Savings Behaviors," Journal of Family and Economic Issues, Springer, vol. 43(4), pages 730-743, December.

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